Repair Escrow
Repair Escrow
Sellers sometimes have a house that could use a little TLC so why not wrap that into the mortgage. And if it needs a little TLC there is a very good chance that it is not the fastest house to sell and that the seller isn’t trying to get top dollar for it but instead just get past it for whatever reasons that people do such things.
The key is that they are motivated and want to get rid of the house and it is not in perfect condition. Sometimes it is very close but the seller still needs to get rid of it. In cases like this a repair escrow can be written into the purchase contract. The funds will be released after closing and the work has been performed. If the amount is carefully written to be more than the cost of the down payment and closing costs it is not uncommon to walk away with more than the cost of all three wrapped up.
During the negotiation process, Sarah and the seller agreed to include a repair escrow in the purchase contract. This arrangement allowed Sarah to finance the cost of the necessary repairs through her mortgage, reducing her out-of-pocket expenses dramatically.
The agreed-upon repair escrow amount was $40,000, which was added to the loan. The funds were to be held in escrow and disbursed upon completion of the repairs, ensuring that the work would be done to satisfaction before the funds were released.
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65 Old Solomons Island Rd Annapolis, MD 21041
Questions? Call 443-603-1086
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Phoenix foreclosures
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Los Angeles foreclosures
West Palm Beach foreclosures
San Diego foreclosures
Phoenix foreclosures
Katy foreclosures
65 Old Solomons Island Rd Annapolis, MD 21041
Questions? Call 443-603-1086
65 Old Solomons Island Rd Annapolis, MD 21041
Questions? Call 443-603-1086